新游戏方面，上半年，巨人网络休闲赛道新品《超自然行动组》取得优异表现。《超自然行动组》于 2025年1月23日正式上线，凭借"中式微恐+多人合作"的差异化玩法打开市场。 8月27日晚，巨人网络（002558）发布2025年半年度报告。上半年公司实现营业收入16.62亿元，同比增 长16.47%；实现归母净利润7.77亿元，同比增长8.27%。 巨人网络提到，公司自研现象级爆款《超自然行动组》上线以来用户和流水规模迅速增长，但因收入递 延因素，其主要贡献将于后续报告期内逐步释放。 巨人网络也披露了2025年半年度利润分配预案。公司拟向全体股东每10股派发现金红利1.5元，现金分 红金额约2.84亿元。这是巨人网络自2023年以来，连续第三年实施中期分红。 报告显示，巨人网络《征途》IP持续推进"长青游戏"建设，系列产品均保持良好发展态势。其旗舰手游 《原始征途》凭借小游戏版本正式上线并开启二次推广，成功实现了用户扩圈，首月新增用户达到586 万，上半年累计新增用户突破2000万。 巨人网络披露，今年以来，该产品月均流水稳定维持在1亿元水平，为业务可持续发展提供了坚实支 撑。 巨人网络旗下另一款经典游戏《球球大作 ...

《球球大作战》在玩法层面不断创新，玩法日参与率大幅提升。用户体验的改善带来了留存率和用户口 碑的提升，5月、6月的新增用户数和日活跃用户数均同比大幅增长。此外，《球球大作战》通过抖音和 微信小游戏平台拓展用户圈层，为APP端带来新进转化。2025年上半年累计新进用户数超1100万，且呈 逐月攀升的态势，小程序日活跃用户超100万。（罗宁） 巨人网络也披露了2025半年度利润分配预案，拟向全体股东每10股派发现金红利1.50元，现金分红金额 约2.84亿元。这是公司自2023年以来，连续第三年实施中期分红。 责任编辑：何俊熹 进入二季度，《超自然行动组》用户规模与流水均呈现指数级增长，屡创新高，7月成功达成"同时在线 人数突破100万"的重要里程碑，并稳居iOS游戏免费榜TOP5，iOS游戏畅销榜最高位列TOP4。在社交媒 体传播方面，产品相关视频于抖音、B站、快手等平台累计播放量已突破30亿次。 报告显示，征途IP持续推进"长青游戏"建设，系列产品均保持良好发展态势。旗舰手游《原始征途》凭 借小游戏版本正式上线并开启二次推广，成功实现了用户扩圈，首月新增用户达到586万，上半年累计 新增用户突破2000万。今 ...

Investment Rating - The report maintains a positive investment rating for the media and internet industry, particularly highlighting leading companies in various segments such as gaming, IP, and live streaming [1]. Core Insights - The media sector has seen a 2.39% increase over the past week, ranking 6th among all industries, and a year-to-date increase of 13.62%, ranking 3rd overall. This growth is attributed to policy support for sub-industries like gaming and a shift in market perception towards "emerging consumption" [1]. - The report emphasizes the long-term growth potential of cultural, sports, gaming, and live streaming sectors as part of China's consumption upgrade, driven by rising GDP per capita [1]. - The gaming industry is currently valued at approximately 17 times earnings, indicating a reasonable valuation with safety margins despite multiple favorable factors such as policy support and accelerated overseas expansion [1]. Summary by Sections Market Performance Review - The media industry index increased by 2.39% from June 30 to July 6, outperforming the Shanghai Composite Index, which rose by 1.40% [10]. - The top-performing stocks in the media sector during this period included Giant Network with a 17.42% increase and other companies like Jibite and 37 Interactive Entertainment [12][13]. Key Data in Film and Gaming Industries - The top films by box office for the week included "Jurassic World: Rebirth" with a box office of 298.34 million and "Detective Conan: The One-Eyed Phantom" with 125.00 million [18]. - In the gaming sector, the top mobile games included "Honor of Kings" and "Peacekeeper Elite," both published by Tencent, dominating the iOS sales rankings [31]. Television and Streaming Insights - The highest-rated TV drama was "Jinxiu Fanghua" with a rating of 2.075% on Hunan TV, while the top web dramas included "In the Name of Law" and "Jinxiu Fanghua" [22][24]. - The top variety show was "Keep Running Season 9," leading the ratings with a broadcast index of 79.4 [28]. Emerging Consumption Trends - The report identifies emerging consumption as a new market focus, with significant user engagement and consumption potential observed in sectors like gaming, trendy IPs, music, and sports events [1]. - The report suggests a 2-3 year investment horizon for quality leading companies in these sectors, emphasizing the importance of content creativity and operational capabilities [1].

Core Viewpoint - The article discusses the recent financial troubles of Shi Yuzhu, a prominent businessman, due to frozen shares and guarantees made for friends, highlighting the risks associated with personal guarantees in business dealings [4][21][26]. Group 1: Share Freezing Events - Shi Yuzhu's shares worth over 3.9 billion yuan have been frozen, with the latest incident involving 277 million yuan in shares from Guangxi Beibu Gulf Bank [3][4]. - The previous freezing occurred in May 2023, where Giant Investment was implicated in a 490 million yuan execution case related to Lu Zhiyuan [4][10]. - The total amount of frozen shares related to Shi Yuzhu has exceeded 3.9 billion yuan, including significant amounts from companies he has been associated with [20][21]. Group 2: Personal Guarantees and Financial Impact - Shi Yuzhu has been involved in multiple guarantee cases, including a notable 1.8 billion yuan guarantee for Zhao Wei and her ex-husband, which led to significant financial repercussions for him [21][22]. - The article mentions that Shi Yuzhu's guarantees have resulted in a cumulative liability of approximately 5.8 billion yuan, highlighting the risks of high-leverage and personal guarantees in the capital market [21][26]. - Despite these challenges, Shi Yuzhu's company, Giant Network, has shown resilience with a reported revenue of 2.923 billion yuan in 2024, indicating a slight decrease but a significant profit increase of 31.15% [23][24]. Group 3: Return to Core Business - Following advice to focus on game development, Shi Yuzhu returned to Giant Network in September 2022, leading to a revitalization of the company's flagship game, "Zhengtu" [22][23]. - The introduction of new game features and marketing strategies has attracted over 25 million new users for the "Zhengtu" series, contributing significantly to revenue [23][24]. - The stock price of Giant Network has seen a substantial increase of approximately 74% since May 2025, reflecting positive market sentiment despite the ongoing financial issues [23][24]. Group 4: Historical Context and Future Outlook - Shi Yuzhu's business journey has been marked by cycles of debt and recovery, dating back to the 1990s when he faced significant financial challenges [25][26]. - The article suggests that despite his current wealth, the ongoing issues with frozen shares and personal guarantees may continue to pose risks to his financial stability and business operations [26][27]. - The narrative emphasizes the lessons learned from Shi Yuzhu's experiences, particularly regarding the dangers of mixing personal relationships with business commitments [27].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3][11]. Core Insights - The company achieved a record high net profit attributable to shareholders of 14.25 billion RMB in 2024, representing a year-on-year increase of 31.15%. The total revenue for the same year was 29.23 billion RMB, remaining stable compared to the previous year [1]. - In Q1 2025, the company reported revenue of 7.24 billion RMB, a year-on-year increase of 3.94%, while the net profit attributable to shareholders was 3.48 billion RMB, a slight decrease of 1.29% [1]. - The company is actively exploring the integration of gaming and AI, with significant user growth in its gaming IPs, particularly on mini-program platforms [2]. Financial Performance Summary - For 2024, the company reported total revenue of 29.23 billion RMB, with a net profit of 14.25 billion RMB, and a non-recurring net profit of 16.23 billion RMB, showing increases of 31.15% and 18.23% year-on-year, respectively [1]. - The company plans to distribute a cash dividend of 1.40 RMB per share to shareholders, totaling 5.3 billion RMB for the year [1]. - The financial forecast for EPS is projected at 0.84, 0.94, and 1.01 RMB for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 17, 16, and 14 times [3]. Business Development Summary - The company has seen significant success in its gaming segment, particularly with the "Zhengtu" IP, which attracted over 25 million new users on mini-programs, generating 600 million RMB in revenue [2]. - The company is enhancing its AI capabilities, integrating AI features into its games, and collaborating with major tech firms to expand its AI ecosystem [2].